The US Dollar and Japanese Yen outperformed in overnight trade, rising against all of their leading counterparts as FX markets displayed all the familiar characteristics of risk aversion. A disappointing set of Japanese GDP figures stands out as a lone catalyst for the dour mood, although Asian shares were suspiciously deaf to the release. The report showed output grew 0.3 percent in the third quarter, falling short of expectations calling for a 0.6 percent increase.

The economic calendar is quiet in European hours, hinting risk sentiment is likely to retain control of price action. With that in mind, risk-averse dynamics appear likely to carry forward, with S&P 500 stock index futures pointing firmly lower late into the overnight session. Italy may generate a bit of activity as the largest of the debt-stricken Eurozone member states sells €8 billion in 12-month bills. Traders will look to average yield and bid-to-cover readings as a gauge of sovereign stress in the region.